Moody’s has changed the outlook for the US property & casualty (P&C) personal insurance sector to stable from negative, reflecting continued improvement in underwriting results.
Tag: personal lines insurance
U.S. P&C Insurers Cut Expenses in the Wake of Deteriorating Personal Lines Results
Despite ongoing pressure from catastrophe-related and secondary peril losses, insurers within the U.S. property/casualty (P/C) industry have been able to bolster their bottom-line financial results by cutting underwriting expenses, according to a new AM Best report. The U.S. P/C industry segment has cut 2.6 percentage points from its underwriting expense ratio over the past decade,… Continue reading U.S. P&C Insurers Cut Expenses in the Wake of Deteriorating Personal Lines Results
Pekin Insurance Announces Job Cuts, To Reduce Coverage in Storm-Prone Areas
Pekin Insurance, which offers property and casualty coverage in Illinois and six other states, has eliminated some full-time positions and will refocus duties of many remaining employees as part of what is being called an accelerated strategic plan.
Going Strong: Independent Agents Place 62% of All P&C U.S. Premiums
According to a new report from the Independent Insurance Agents and Brokers of America (the Big I), independent insurance agents place approximately 62% of all P&C premiums written in the United States. Big ‘I’s Market Share Report is released every two years and can help users understand the current insurance marketplace and opportunities and evolving… Continue reading Going Strong: Independent Agents Place 62% of All P&C U.S. Premiums
U.S. Personal Lines Insurance Results Pressured by Rising Inflation, Costs
According to a new report from Fitch Ratings, the unpredictable macroeconomic backdrop continues to pose a challenge to US personal lines insurers. Insurers are adjusting pricing and underwriting in response to poor results, but improvement in the auto line may be slow. Profits in auto insurance, which were the highest in at least 25 years… Continue reading U.S. Personal Lines Insurance Results Pressured by Rising Inflation, Costs
The Road Ahead for Personal Lines in 2022
AM Best maintains a stable market segment outlook for the U.S. personal lines insurance industry through 2022, owing to the property/casualty segment’s strong risk-adjusted capitalization, underwriting actions limiting volatility in the homeowners segment, and the acceleration of technology adoption in the pandemic environment. According to AM Best’s new Best’s Market Segment Report, “Market Segment Outlook:… Continue reading The Road Ahead for Personal Lines in 2022
AAU Announces Hire of Dettmann in Chicago, IL
AAU, a division of USG Insurance Services, Inc., is pleased to announce the hire of Mason Dettmann as Producer/Broker: Personal Lines in Chicago, IL. Dettmann brings five years of industry experience to the AAU team, most recently with Marketscout Corporation in St. Charles, IL. As Producer/Broker for the Personal Lines Division at AAU, Mason will… Continue reading AAU Announces Hire of Dettmann in Chicago, IL
U.S. Personal Lines Insurer Normalizing Auto Results Neutral to Credit
The trend of underwriting profits for U.S. personal lines insurance is likely to continue in 2021 but to weaken somewhat as record 2020 auto underwriting gains are unsustainable while homeowners’ results will likely recover from recent large underwriting losses, Fitch Ratings says in a new report. The personal lines industry posted a third straight year… Continue reading U.S. Personal Lines Insurer Normalizing Auto Results Neutral to Credit
European Insurtech Startup Wefox Grabs $650M at $3B valuation
German startup Wefox has raised a $650 million Series C funding round led by Target Global. Following this funding round, the company has reached a post-money valuation of $3 billion. Wefox is a digital insurer focused on personal insurance products, such as household insurance, motor insurance and personal liability insurance. “It’s much more than we… Continue reading European Insurtech Startup Wefox Grabs $650M at $3B valuation
Alliant Announces Definitive Merger Agreement with Personal Lines Insurance Leader Confie
Alliant has entered into a definitive merger agreement with Confie, the largest personal lines insurance distributor in the U.S. The agreement includes Confie’s robust family of leading personal insurance brands and more than 1 million customers. Confie and its more than 3,500 employees is currently a portfolio company of Abry Partners, a Boston-based private equity… Continue reading Alliant Announces Definitive Merger Agreement with Personal Lines Insurance Leader Confie